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Time Is Money

Sep 10, 2023 • 6 min read

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Morocco Earthquake
G-20 Summit

Week Recap:

Ukraine's President, Volodymyr Zelensky, has nominated Rustem Umerov, a Crimean Tatar leader, as the new defense minister.
Max Verstappen secured his 10th consecutive win at the Italian Grand Prix, surpassing the previous record of nine set by Sebastian Vettel in 2013. This victory marked Verstappen's 12th win this year, with a total of 27 since 2022 began, and 37 since he began his F1 journey in 2021.
Huawei, previously hit by U.S. semiconductor sanctions, launched a new phone in China with a 7-nanometer processor. While the processor is equivalent to 2018's iPhone, it highlights potential U.S. sanction inefficacies on China's chip tech progress.
Europe is grappling with energy concerns after a coup in Niger disrupted its uranium supply chain. Niger, rich in uranium, is a significant supplier, especially to France, which uses the resource to power two-thirds of its electricity through nuclear power.
Crypto casino Stake was hit by a security exploit, leading to a loss of over $41.3 million from its accounts. Analyst Cyvers noted a withdrawal of $15.7 million in ether (ETH) from Stake's Ethereum wallet due to a suspected private key leak.
Apple has entered into a renewed long-term agreement with Arm, the UK-based chip technology giant, which will extend past 2040. This collaboration was revealed in Arm's recent initial public offering (IPO) documents.
BMW partnered with Amazon to utilize its cloud computing technology for the development of its semi-autonomous driver assistance systems, according to a joint announcement on Tuesday. This system, known as the advanced driver assistance system (ADAS), will be a feature in BMW's forthcoming Neue Klasse electric car range set to debut in 2025.
Japan initiated a lunar mission with the launch of its H2-A rocket from the Tanegashima Space Center. Following India's recent moon landing, this marks another significant step in international lunar exploration. The H2-A rocket has two main objectives: deploying a new X-ray telescope and testing a precise moon lander named SLIM.
A U.S. federal judge instructed Texas to reposition its 1,000-foot-long segment of floating barriers situated in the Rio Grande. Judge David A. Ezra's preliminary injunction supports the Justice Department's perspective, which contended in July that Texas overstepped its bounds by deploying these barriers in an area under federal purview.
The Supreme Court of Mexico ruled against state laws prohibiting abortion, declaring them unconstitutional. This decision aligns with recent changes in reproductive rights across Latin America, as seen in Argentina and Colombia.
China has implemented a ban on central government officials using iPhones and other foreign-branded devices. This directive was relayed to officials through chat groups and meetings. China's intention behind this is to bolster its information security measures and curb potential data leaks to the U.S. etc, while also encouraging the growth of its high-tech sectors, particularly in semiconductors and AI.
Greece is facing the devastation of a powerful storm named "Daniel," which led to 10 fatalities and left four individuals missing. The worst hit was Central Greece, a significant agricultural region. Heavy rains destroyed infrastructure, causing homes to collapse, roads to block, and significant damage to the country's crops, especially in the Thessaly Plain. As floodwaters reached heights of up to 3 meters, over 1,700 individuals were rescued, with nearly 300 airlifted from their homes.
JPMorgan Chase is advancing its development of a blockchain-based digital deposit token to support international payments. The core infrastructure is almost set up, but the bank is awaiting approval from U.S. regulators. An insider hinted that the bank might roll out the token for corporate customers within a year of obtaining the go-ahead.
X, formerly known as Twitter, has lodged a lawsuit against California over Assembly Bill 587. This legislation requires social media entities to disclose their content moderation protocols.

Morocco Earthquake:

Yesterday, Morocco experienced its deadliest earthquake since 1960. The tremor, measuring a magnitude of 6.8, killed over 2,000 people, injured thousands, and left numerous villages in ruins. Survivors in the High Atlas Mountains, including areas near the epicenter like Amizmiz and Asni, braced the night outdoors as their homes lay in ruins.
The historic city of Marrakech also faced significant damage, particularly to its ancient buildings. The U.S. Geological Survey confirmed the quake's strength and its proximity to Marrakech. Desperate rescue efforts ensued, with volunteers and officials digging through rubble by hand.
Despite political tensions, Algeria offered to open its airspace for aid-related flights. Experts commented on the vulnerability of the region's older and historical buildings, emphasizing the need for better infrastructure. Marrakech was scheduled to host significant international meetings in October, but current priorities shifted to immediate relief and recovery.

G-20 Summit:

At Yesterday's G20 summit in New Delhi, President Biden took a central role as notable leaders, namely Xi Jinping of China and Vladimir Putin of Russia, were absent. Biden's presence aimed to counterbalance China's growing influence in the Indo-Pacific and to pressurize Russia over its conflict with Ukraine.
While both China and Russia were represented at the summit, their leaders' absence was significant, given their roles in decision-making. Biden's absence from Xi and Putin allowed him more spotlight, leading to initiatives that could counteract China's "Belt and Road Initiative." This includes infrastructure projects connecting India, the Middle East, and Europe.
The joint statement regarding Russia's invasion of Ukraine was perceived as weaker than last year's. An interesting side note was that India's name card at the event read "Bharat," its name in Hindi, rather than "India." The G20, or Group of 20, is an international forum of major economies that convenes regularly to discuss and coordinate on global policies. Its membership comprises 19 countries and the European Union.
The member nations are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, and the United States. A noteworthy development is the recent invitation to the African Union to potentially join the G20 as a permanent member.

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